Written by Gina Lee
Investing.com – Asia-Pacific shares rose Thursday morning, continuing to regain momentum as positive US corporate earnings eased concerns about the global economic recovery from the coronavirus.
South Korea’s prices were up 0.97% by 10:23 PM ET (2:23 AM GMT). In Australia, it rose 0.93% as Queensland closed its border with New South Wales to curb the spread of the COVID-19 outbreak in Sydney. The version, which was released earlier in the day, was also less than the 17 expected.
Hong Kong’s index jumped 1.74%.
China’s index rose 0.17% and rose 0.18%.
Japanese markets are closed for a holiday, ahead of the opening ceremony of the Olympic Games in Tokyo on Friday.
Yields on the benchmark 10-year US Treasury are up around 1.3%, with the recent rally in bonds coming to a close and a weak auction of 20-year debt emerging. With that said, 10-year revenue jumped in Australia and New Zealand.
Verizon Communications You (NYSE 🙂 and Coca-Cola company . (NYSE: 🙂 posted better-than-expected results, while United Airlines Holdings Inc (NASDAQ:) expected earnings despite the ongoing threat of COVID-19. Positive results gave a boost to US stocks, with the biggest consecutive advance in two months.
Positive earnings, combined with persistently dovish monetary policy from the US Federal Reserve, allayed some concerns earlier in the week about rising numbers of COVID-19 cases involving the delta variable and its impact on economic recovery.
Some investors remained optimistic about the prospects for global stocks, as their shift away from selling early in the week showed that “companies have been very resilient through all of this,” Dirksion’s head of product David Mazza told Bloomberg.
The earnings estimates are pretty impressive, and probably some of the best ever. Even through all of this, our central bank liquidity is still very plentiful, and economic growth is strong. There are certainly some question marks over how long this could last, but the momentum for now is due to the return of investors.
Other investors, however, took a more pessimistic note. September and October could be tough for stocks and US stocks could fall 15%, Scott Minerd, chairman of Guggenheim Investments, told Bloomberg.
On the central bank front, investors are now waiting for policy decisions from and.
In the United States, Federal Reserve Chairman Jerome Powell is likely to be re-nominated for a second term, even as the decision is passed later in 2021, not yet presented to President Joe Biden. US data is due later today.
In cryptocurrencies, it is held above the $32,000 mark after notable stars including Tesla Inc. (NASDAQ 🙂 CEO Elon Musk and Ark Investment Management CEO Kathy Wood at the B Word conference.
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